55 percent of what? thats the question. and Fiat! not the strongest auto company out there and even THEY did not want Chrysler unless the government kicked in Billions. post reorganization Chrysler will be a fraction of what it was, I would not be shocked if it failed AGAIN within 24 months. but I guess 55 percent of something is better than nothing at all...............

starting monday, to reopen when the bankruptcy is complete. they expect to emerge from bankruptcy August 28th... workers will collect up to 80 percent of their base pay during the shut down.... thats what I am hearing... funny they did not mention the plant closings until after the Presidents bankruptcy announcement.

shut down production IMMEDIATELY upon notice of the Chrysler filing.. no work tomorrow for those guys either.......... of course THEY will not be getting 80 percent of THEIR base pay...... I guess they need a better union.

15. Everyone of these new owners should watch the documentary "The Take" if they haven't already

About Argentinian tile workers taking over their factory after it was abandoned by the "owners" during their economic collapse and making if profitable. Of course once they did the owners came back -- I am not sure how that ended up in the courts.

But it's a motivating video for workers taking control of their own production after management has driven them into the ditch.

19. the agreement by which they got 55% equity did not give them a majority on the board.

Edited on Thu Apr-30-09 09:43 PM by unblock

although in a sense it doesn't matter; during bankruptcy, the fiduciary responsibility of the board and the executives is primarily to the creditors, not to the equityholders. so even if they did control the board, they'd still have to cow-tow to the hedge funds rather than the rank-and-file.

One would think that for one legal entity to exist as both the bargaining agent of the workers and majority shareholder in the company, which basically means boss, would be a massive conflict of interests. Put briefly: we all know the problem with a company union, is a union company essentially different? I hope so, but this is a weird situation.

by handing over the castle to the peasants? You can be sure with the employees in charge, CEO pay will come sharply back in line, and who's making the concessions now, bitches? What seems a disaster could be an Obama golden egg in disguise.

by handing over the castle to the peasants? You can be sure with the employees in charge, CEO pay will come sharply back in line, and who's making the concessions now, bitches? What seems a disaster could be an Obama golden egg in disguise.

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